Sri Lanka's merchandise export earnings for January 2024 totaled USD 970.7 million, revealing a marginal decline of 0.77% compared to the same period last year, as reported by the Export Development Board (EDB).
Agricultural exports showcased a modest uptick of 3.58%, reaching USD 225.43 million in January 2024. Positive growth was noted in export earnings from tea, rubber, rubber-furnished products, and coconut-based products.
However, industrial exports experienced a downturn of 2.08% during the same period, amounting to USD 744.77 million. Sectors such as apparel and textile, spices and essential oils, electrical and electronic components, diamonds, gems, and jewelry witnessed negative growth.
In terms of Sri Lanka's top 15 major export markets, Italy, Germany, and Canada exhibited positive growth in January 2024 compared to the corresponding month last year.
While the USA remained a significant export destination, absorbing 23% of Sri Lanka's merchandise exports in 2024, exports to the nation decreased by 13.46% to USD 220.48 million in January 2024 compared to January 2023.
Exports to the United Kingdom also saw a decline of 12.79% to USD 67.52 million in January 2024 compared to the same period in 2023.
In January 2024, exports to Sri Lanka's Free Trade Agreement (FTA) partners India and Pakistan, which constituted 6.5% of the total merchandise exports, experienced a notable 16.76% decrease, amounting to USD 62.03 million compared to January 2023.
Furthermore, exports to India decreased by 18.18% to USD 56.93 million in January 2024, while exports to Pakistan increased by 3.24% during the same period compared to January 2023.
